Carney to remain Bank of England chief until 2020

Bank of England governor Mark Carney will remain in post following Brexit. Reuters

Mark Carney will remain Bank of England chief until January 2020 to steer the UK economy through possibly "quite a turbulent period" post-Brexit, finance minister Philip Hammond announced Tuesday.

Speaking in parliament, Mr Hammond said BoE governor Mr Carney had agreed to prolong his stay by seven months "in order to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019".

Britain is set to leave the European Union in March.

Chancellor of the Exchequer Mr Hammond added he was "delighted that the governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union and provide vital stability for our economy".

In a letter to Mr Hammond, Mr Carney said he recognised "that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit".

He added: "Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England and I can confirm that I would be honoured to extend my term to January 2020."